There are people that have this mindset, although I don't think it means that we are in a bubble. There are always people looking to get rich quick. The fact that it's so easy to start a Web Venture today means that there will be more of those kind of people in this space.
http://money.cnn.com/magazines/business2/business2_archive/2006/10/01/8387088/
Investors are certainly looking for companies that can go public or get acquired. Arguably only those, in fact. What's changed is that no one now would expect that in 12-18 months. That was just Bubble craziness.
If that wasn't your goal, if you just wanted to start a business because you wanted to run your own business, should you look for other types of funding? Are you basically out of luck with most professional investors?
Yes, few professional investors would be interested. No matter what they claim about wanting to build long-lasting companies, the structure of VC funds requires them to have exits.
Interestingly, though, you'd also be out of luck with a lot of potential employees. The more ambitious ones want options that might make them rich. Without any prospect of an exit, you lose all the hotshots to competitors who offer such a prospect. That's why big, private tech companies are so rare.
